Registration number: 07406378

Hughes & Co Limited

Contents

Directors' Report	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Hughes & Co Limited

Directors' Report for the Year Ended 31 October 2025

The directors present their report and the financial statements for the year ended 31 October 2025.

Directors of the company

The directors who held office during the year were as follows:

Mrs Carole Anita Hughes - Company secretary and director

Miss Fiona Redmond

Principal activity

The principal activity of the company is Accountancy and Taxation Services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Hughes & Co Limited

(Registration number: 07406378)
Balance Sheet as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	-	18,300
Current assets
Debtors	6	31,505	49,774
Cash at bank and in hand		19,956	14,298
		51,461	64,072
Creditors: Amounts falling due within one year	7	(3,593)	(23,147)
Net current assets		47,868	40,925
Net assets		47,868	59,225
Capital and reserves
Called up share capital	8	102	102
Retained earnings		47,766	59,123
Shareholders' funds		47,868	59,225

For the financial year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account and Directors' Report.

Approved and authorised by the Board on 30 July 2026 and signed on its behalf by:
 

......................................... Mrs Carole Anita Hughes Company secretary and director

Hughes & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor Unit 8, Vantage Court
Riverside Way
Barrowford
Nelson
Lancashire
BB9 6BP
England and Wales

These financial statements were authorised for issue by the Board on 30 July 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Hughes & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and Fittings	25% Reducing Balance
Freehold Buildings	25% Reducing Balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10% Straightline

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Hughes & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2024 - 3).

Hughes & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 November 2024	61,000	61,000
At 31 October 2025	61,000	61,000
Amortisation
At 1 November 2024	61,000	61,000
At 31 October 2025	61,000	61,000
Carrying amount
At 31 October 2025	-	-

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 November 2024	26,977	30,738	57,715
Disposals	(26,977)	(30,738)	(57,715)
At 31 October 2025	-	-	-
Depreciation
At 1 November 2024	11,889	27,526	39,415
Eliminated on disposal	(11,889)	(27,526)	(39,415)
At 31 October 2025	-	-	-
Carrying amount
At 31 October 2025	-	-	-
At 31 October 2024	15,088	3,212	18,300

Included within the net book value of land and buildings above is £Nil (2024 - £15,088) in respect of freehold land and buildings and £Nil (2024 - £Nil) in respect of short leasehold land and buildings.
 

Hughes & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

6

Debtors

Current	2025 £	2024 £
Trade debtors	24,484	47,365
Other debtors	7,021	2,409
	31,505	49,774

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	2,115	3,496
Taxation and social security	-	10,168
Other creditors	1,478	9,483
	3,593	23,147

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100
A Ordinary of £1 each	1	1	1	1
B Ordinary of £1 each	1	1	1	1
	102	102	102	102